Get Irs 8962 2022-2025

Filling out the IRS Form 8962, used to claim the premium tax credit, can be a straightforward process when approached step by step. This guide will assist you in accurately completing the form online, ensuring you maximize your tax benefits.

Follow the steps to complete your form efficiently.

1. Press the ‘Get Form’ button to access the IRS 8962 form and open it in your preferred digital editor.
2. Enter your name as it appears on your tax return in the designated field at the top of the form.
3. Provide your Social Security number in the corresponding field to verify your identity.
4. In Part I, enter your tax family size in the section labeled 'Tax family size.' Next, calculate and input your modified adjusted gross income (AGI) into the designated spot.
5. Add the modified AGIs of all dependents and enter the total to determine your household income. This figure is crucial for calculating your eligibility for the premium tax credit.
6. Next, locate the federal poverty line amount from the relevant table and indicate the box corresponding to your state, whether it's Hawaii, Alaska, or the other 48 states and Washington, D.C.
7. Based on your calculated household income, determine its percentage relative to the federal poverty line and input this figure.
8. Refer to the instructions to find your applicable figure based on the percentage of the federal poverty line you've calculated.
9. Multiply your household income by your applicable figure to find your annual contribution amount, and round it to the nearest dollar.
10. Divide the annual contribution amount by 12 to find your monthly contribution amount, rounding as necessary.
11. Proceed to Part II and determine if you are allocating policy amounts with another taxpayer or using the alternative calculation for the year of marriage. Select the appropriate option.
12. If required, complete the annual and monthly calculations for your premium tax credit based on your enrollment premiums, maximum premium assistance, and applicable credits using the detailed sections provided in Part II.
13. Calculate the net premium tax credit by comparing your total premium tax credit against any advance payments made.
14. If applicable, fill out Part III regarding any excess advance payment of the premium tax credit, ensuring you adhere to the instructions provided.
15. If you have multiple policy amounts to allocate, complete Part IV with the necessary allocation information for each policy, ensuring accuracy in your percentages.
16. If choosing the alternative calculation for a year of marriage, follow the instructions in Part V to complete the necessary fields.
17. Review all information entered for accuracy, then save your changes and download, print, or share the form as needed.

Complete your IRS Form 8962 online today to ensure you receive the premium tax credit you're entitled to.